{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2602.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2602.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2602.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2602.html"}],"law_id":81371,"edition_id":1,"section_id":81371,"structure_id":16602,"section_number":"15.2-2602","catch_line":"Definitions","history":"Code 1950, \u00a7 15-666.15; 1958, c. 640; 1962, c. 623, \u00a7 15.1-172; 1970, c. 268; 1973, c. 513; 1991, c. 668, \u00a7 15.1-227.3; 1997, c. 587.","full_text":"As used in this chapter, the following words and terms have the following meanings, unless some other meaning is plainly intended:\n\t\t“Bonds” mean any obligations of a locality for the payment of money.\n\t\t“Cost” as applied to any project or to extensions or additions to any project, includes the purchase price of any project acquired by the locality or the cost of acquiring all of the capital stock of the corporation owning the project and the amount to be paid to discharge any obligations in order to vest title to the project or any part of it in the locality, the cost of improvements, property or equipment, the cost of construction or reconstruction, the cost of all labor, materials, machinery and equipment, the cost of all land, property, rights, easements and franchises acquired, financing charges, interest before and during construction and for up to one year after completion of construction, start-up costs and operating capital, the cost of plans and specifications, surveys and estimates of cost and of revenues, the cost of engineering, legal and other professional services, expenses incident to determining the feasibility or practicability of the project, payments by a locality of its share of the cost of any multi-jurisdictional project, administrative expense, any amounts to be deposited to reserve or replacement funds, and other expenses as may be necessary or incident to the financing of the project. Any obligation or expense incurred by the locality in connection with any of the foregoing items of cost may be regarded as a part of the cost and reimbursed to the locality out of the proceeds of bonds issued to finance the project.\n\t\t“General obligation bonds” mean the bonds of a locality for the payment of which the locality is required to levy ad valorem taxes, including any obligations which may be additionally secured by a pledge of revenues, special assessments or funds derived from any other source.\n\t\t“Governing body” means the board of supervisors, council, or other local legislative body, board, commission or authority having charge of the finances of any locality, and when the separate concurrence or approval of two or more sets of authorities is required by law for the making of appropriations, to the extent so required “governing body” includes both or all of them.\n\t\t“Project” means any public improvement, property or undertaking for which the locality is authorized by law to appropriate money, except for current expenses, and specific undertakings from which the locality may derive revenues (sometimes called “revenue-producing undertakings”) including, without limitation, water, sewer, sewage disposal, and garbage and refuse collection and disposal systems and facilities as defined in \u00a7 15.2-5101, recycling facilities, facilities for the production of energy from waste, gasworks, electric light and other lighting systems, airports, off-street parking facilities, and facilities for public transit or transportation systems.\n\t\t“Revenue bonds” mean bonds of a locality for which only the specified revenues of the locality are pledged and to which no ad valorem or other taxes of the locality are pledged, including, without limitation bonds of a locality for which only the revenues of a revenue producing undertaking or undertakings, or such revenues together with a mortgage or deed of trust lien on the undertaking or undertakings, are pledged to their payment.","order_by":null,"text":{"0":{"id":291607,"text":"As used in this chapter, the following words and terms have the following meanings, unless some other meaning is plainly intended:\n\t\t“Bonds” mean any obligations of a locality for the payment of money.\n\t\t“Cost” as applied to any project or to extensions or additions to any project, includes the purchase price of any project acquired by the locality or the cost of acquiring all of the capital stock of the corporation owning the project and the amount to be paid to discharge any obligations in order to vest title to the project or any part of it in the locality, the cost of improvements, property or equipment, the cost of construction or reconstruction, the cost of all labor, materials, machinery and equipment, the cost of all land, property, rights, easements and franchises acquired, financing charges, interest before and during construction and for up to one year after completion of construction, start-up costs and operating capital, the cost of plans and specifications, surveys and estimates of cost and of revenues, the cost of engineering, legal and other professional services, expenses incident to determining the feasibility or practicability of the project, payments by a locality of its share of the cost of any multi-jurisdictional project, administrative expense, any amounts to be deposited to reserve or replacement funds, and other expenses as may be necessary or incident to the financing of the project. Any obligation or expense incurred by the locality in connection with any of the foregoing items of cost may be regarded as a part of the cost and reimbursed to the locality out of the proceeds of bonds issued to finance the project.\n\t\t“General obligation bonds” mean the bonds of a locality for the payment of which the locality is required to levy ad valorem taxes, including any obligations which may be additionally secured by a pledge of revenues, special assessments or funds derived from any other source.\n\t\t“Governing body” means the board of supervisors, council, or other local legislative body, board, commission or authority having charge of the finances of any locality, and when the separate concurrence or approval of two or more sets of authorities is required by law for the making of appropriations, to the extent so required “governing body” includes both or all of them.\n\t\t“Project” means any public improvement, property or undertaking for which the locality is authorized by law to appropriate money, except for current expenses, and specific undertakings from which the locality may derive revenues (sometimes called “revenue-producing undertakings”) including, without limitation, water, sewer, sewage disposal, and garbage and refuse collection and disposal systems and facilities as defined in \u00a7 15.2-5101, recycling facilities, facilities for the production of energy from waste, gasworks, electric light and other lighting systems, airports, off-street parking facilities, and facilities for public transit or transportation systems.\n\t\t“Revenue bonds” mean bonds of a locality for which only the specified revenues of the locality are pledged and to which no ad valorem or other taxes of the locality are pledged, including, without limitation bonds of a locality for which only the revenues of a revenue producing undertaking or undertakings, or such revenues together with a mortgage or deed of trust lien on the undertaking or undertakings, are pledged to their payment.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16602,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13707,"metadata":{},"date_created":"2026-06-26 04:26:37","date_modified":"2026-06-26 04:26:37","permalink":{"id":155945,"object_type":"structure","relational_id":16602,"identifier":"1","token":"15.2\/II\/26\/1","url":"\/15.2\/II\/26\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13707,"edition_id":1,"name":"Public Finance Act","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":155943,"object_type":"structure","relational_id":13707,"identifier":"26","token":"15.2\/II\/26","url":"\/15.2\/II\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":82731,"structure_id":16602,"section_number":"15.2-2600","catch_line":"Short title","url":"\/15.2-2600\/","token":"15.2\/II\/26\/1\/15.2-2600","metadata":false},{"id":72287,"structure_id":16602,"section_number":"15.2-2601","catch_line":"Chapter not to affect general, special and local acts and charters under which bonds are issued or validated","url":"\/15.2-2601\/","token":"15.2\/II\/26\/1\/15.2-2601","metadata":false},{"id":81371,"structure_id":16602,"section_number":"15.2-2602","catch_line":"Definitions","url":"\/15.2-2602\/","token":"15.2\/II\/26\/1\/15.2-2602","metadata":false},{"id":80061,"structure_id":16602,"section_number":"15.2-2603","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-2603\/","token":"15.2\/II\/26\/1\/15.2-2603","metadata":false}],"previous_section":{"id":72287,"structure_id":16602,"section_number":"15.2-2601","catch_line":"Chapter not to affect general, special and local acts and charters under which bonds are issued or validated","url":"\/15.2-2601\/","token":"15.2\/II\/26\/1\/15.2-2601","metadata":false},"next_section":{"id":80061,"structure_id":16602,"section_number":"15.2-2603","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-2603\/","token":"15.2\/II\/26\/1\/15.2-2603","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2602\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1958, chapter 640; in 1962, chapter 623; in 1970, chapter 268; in 1973, chapter 513; in 1991, chapter 668; in 1997, chapter 587<\/a>.<\/p>","references":[{"id":65470,"section_number":"15.2-2116","catch_line":"Acquisition by county or city of water supply system or sewage system from sanitary district","order_by":null,"url":"\/15.2-2116\/"},{"id":57015,"section_number":"22.1-161","catch_line":"Loan declared indebtedness of the county, city or town; lien on locality's funds created","order_by":null,"url":"\/22.1-161\/"},{"id":64629,"section_number":"58.1-3245","catch_line":"Definitions","order_by":null,"url":"\/58.1-3245\/"}],"refers_to":[{"id":68932,"section_number":"15.2-5101","catch_line":"Definitions","order_by":null,"url":"\/15.2-5101\/"}],"permalink":{"id":155955,"object_type":"law","relational_id":81371,"identifier":"15.2-2602","token":"15.2\/II\/26\/1\/15.2-2602","url":"\/15.2-2602\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2602\/","token":"15.2\/II\/26\/1\/15.2-2602","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2602","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, the following words and terms have the following meanings, unless some other meaning is plainly intended:\n\t\t“Bonds” mean any obligations of a locality<\/span> for the payment of money.\n\t\t“Cost<\/span>” as applied to any project<\/span> or to extensions or additions to any project<\/span>, includes the purchase price of any project<\/span> acquired by the locality<\/span> or the cost<\/span> of acquiring all of the capital stock of the corporation owning the project<\/span> and the amount to be paid to discharge any obligations in order<\/span> to vest title to the project<\/span> or any part of it in the locality<\/span>, the cost<\/span> of improvements, property or equipment, the cost<\/span> of construction or reconstruction, the cost<\/span> of all labor, materials<\/span>, machinery and equipment, the cost<\/span> of all land, property, rights, easements and franchises acquired, financing charges, interest before and during construction and for up to one year after completion of construction, start-up costs<\/span> and operating capital, the cost<\/span> of plans and specifications, surveys and estimates of cost<\/span> and of revenues, the cost<\/span> of engineering, legal and other professional services, expenses incident to determining the feasibility or practicability of the project<\/span>, payments by a locality<\/span> of its share of the cost<\/span> of any multi-jurisdictional project<\/span>, administrative expense, any amounts to be deposited to reserve or replacement funds, and other expenses as may be necessary or incident to the financing of the project<\/span>. Any obligation or expense incurred by the locality<\/span> in connection with any of the foregoing items of cost<\/span> may be regarded as a part of the cost<\/span> and reimbursed to the locality<\/span> out of the proceeds of bonds issued to finance the project<\/span>.\n\t\t“General obligation bonds<\/span>” mean the bonds of a locality<\/span> for the payment of which the locality<\/span> is required to levy<\/span> ad valorem taxes, including any obligations which may be additionally secured by a pledge of revenues, special assessments or funds derived from any other source.\n\t\t“Governing body<\/span>” means the board of supervisors<\/span>, council<\/span>, or other local legislative body, board, commission or authority having charge of the finances of any locality<\/span>, and when the separate concurrence or approval of two or more sets of authorities is required by law<\/span> for the making of appropriations, to the extent so required “governing body<\/span>” includes both or all of them.\n\t\t“Project<\/span>” means any public improvement, property or undertaking for which the locality<\/span> is authorized by law<\/span> to appropriate money, except for current expenses, and specific undertakings from which the locality<\/span> may derive revenues (sometimes called “revenue-producing undertakings<\/span>”) including, without limitation, water, sewer, sewage disposal, and garbage and refuse collection and disposal systems and facilities as defined in \u00a7 15.2-5101<\/a>, recycling facilities, facilities for the production of energy from waste, gasworks, electric light and other lighting systems, airports, off-street parking facilities, and facilities for public transit or transportation systems.\n\t\t“Revenue bonds<\/span>” mean bonds of a locality<\/span> for which only the specified revenues of the locality<\/span> are pledged and to which no ad valorem or other taxes of the locality<\/span> are pledged, including, without limitation bonds of a locality<\/span> for which only the revenues of a revenue producing undertaking or undertakings, or such revenues together with a mortgage or deed of trust lien<\/span> on the undertaking or undertakings, are pledged to their payment.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 15.2-2602)\n\nAs used in this chapter, the following words and terms have the following\nmeanings, unless some other meaning is plainly intended:\n\t\t“Bonds” mean any obligations of a locality for the payment of\nmoney.\n\t\t“Cost” as applied to any project or to extensions or additions to\nany project, includes the purchase price of any project acquired by the locality\nor the cost of acquiring all of the capital stock of the corporation owning the\nproject and the amount to be paid to discharge any obligations in order to vest\ntitle to the project or any part of it in the locality, the cost of\nimprovements, property or equipment, the cost of construction or reconstruction,\nthe cost of all labor, materials, machinery and equipment, the cost of all land,\nproperty, rights, easements and franchises acquired, financing charges, interest\nbefore and during construction and for up to one year after completion of\nconstruction, start-up costs and operating capital, the cost of plans and\nspecifications, surveys and estimates of cost and of revenues, the cost of\nengineering, legal and other professional services, expenses incident to\ndetermining the feasibility or practicability of the project, payments by a\nlocality of its share of the cost of any multi-jurisdictional project,\nadministrative expense, any amounts to be deposited to reserve or replacement\nfunds, and other expenses as may be necessary or incident to the financing of\nthe project. Any obligation or expense incurred by the locality in connection\nwith any of the foregoing items of cost may be regarded as a part of the cost\nand reimbursed to the locality out of the proceeds of bonds issued to finance\nthe project.\n\t\t“General obligation bonds” mean the bonds of a locality for the\npayment of which the locality is required to levy ad valorem taxes, including\nany obligations which may be additionally secured by a pledge of revenues,\nspecial assessments or funds derived from any other source.\n\t\t“Governing body” means the board of supervisors, council, or other\nlocal legislative body, board, commission or authority having charge of the\nfinances of any locality, and when the separate concurrence or approval of two\nor more sets of authorities is required by law for the making of appropriations,\nto the extent so required “governing body” includes both or all of\nthem.\n\t\t“Project” means any public improvement, property or undertaking\nfor which the locality is authorized by law to appropriate money, except for\ncurrent expenses, and specific undertakings from which the locality may derive\nrevenues (sometimes called “revenue-producing undertakings”)\nincluding, without limitation, water, sewer, sewage disposal, and garbage and\nrefuse collection and disposal systems and facilities as defined in \u00a7\n15.2-5101, recycling facilities, facilities for the production of energy from\nwaste, gasworks, electric light and other lighting systems, airports, off-street\nparking facilities, and facilities for public transit or transportation systems.\n\t\t“Revenue bonds” mean bonds of a locality for which only the\nspecified revenues of the locality are pledged and to which no ad valorem or\nother taxes of the locality are pledged, including, without limitation bonds of\na locality for which only the revenues of a revenue producing undertaking or\nundertakings, or such revenues together with a mortgage or deed of trust lien on\nthe undertaking or undertakings, are pledged to their payment.\n\nHISTORY: Code 1950, \u00a7 15-666.15; 1958, c. 640; 1962, c. 623, \u00a7 15.1-172; 1970,\nc. 268; 1973, c. 513; 1991, c. 668, \u00a7 15.1-227.3; 1997, c. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}